North Vancouver, British Columbia–(Newsfile Corp. – February 10, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company“) announces the Company has completed its previously announced debt and equity financing transaction and has received total proceeds of US$25 million from: i) the funding of the US$23 million 1st tranche (“Tranche 1“) of its previously announced US$37 million financing facility (the “Financing Facility“) provided by Nebari Gold Fund 1, LP, Nebari Natural Resources Credit Fund I, LP and Nebari Natural Resources Credit Fund II, LP (collectively, “Nebari“), and (ii) Nebari’s completion of a US$2 million equity private placement in the Company, for the development of Lion One’s 100% owned Tuvatu Alkaline Gold Project in Fiji (the “Equity Investment“).
In addition to Tranche 1, an additional US$12 million is available under the Financing Facility at Lion One’s option in up to two further tranches which may be drawn on by Lion One within 18 months of the date of the Financing Facility. The Equity Investment involved Nebari’s subscription for 3,125,348 common shares of Lion One (“Common Shares“) priced at CAD$0.86 per Common Share.
In connection with the funding of Tranche 1, 15,333,087 warrants (the “Warrants“) have been issued to Nebari with each Warrant exercisable into one Common Share at a price of CAD$1.49 for a period of 42 months from the date hereof. The Warrants are non-transferable and will be subject to an accelerator provision whereby the Borrower may accelerate the expiry date of up to 25% of the Warrants in the event that the volume weighted average trading price of the Common Shares exceeds 100% over the strike price for a period of twenty consecutive trading days on the TSX-V. Lion One has the option to accelerate the expiry of further 25% portions of the Warrants at four-month intervals, up to a maximum of 75% of the Warrants.
The Common Shares subscribed for pursuant to the Equity Investment and the Warrants will be subject to a hold period expiring May 11, 2023 in accordance with Canadian securities laws and policies of the TSX-V. Neither the Common Shares subscribed for pursuant to the Equity Investment nor the Warrants have been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at U and on the SEDAR website at www.sedar.com.
About Nebari Nebari is a US-based investment manager specializing in privately offered pooled investment vehicles including Nebari Gold Fund 1, LP, Nebari Natural Resources Credit Fund I, LP and Nebari Natural Resources Credit Fund II, LP which are funding the Financing Facility to Lion One. The Nebari leadership team has deep experience with leading global mining companies and financial institutions and is known for partnering with motivated and capable management teams focused on achieving clear plan targets.
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – December 8, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) provides results from near-mine exploration, identifying two new zones of significant mineralization within the footprint of the deposit. A new lode, named URA1 has been discovered during construction of the development decline; its location corresponds to Tuvatu’s near-surface and earliest scheduled production area: Zone 2. The lode has been further defined through underground channel sampling and subsequent diamond drilling. The URA1 lode will be included in the updated Mineral Resource Estimate (MRE) that the Company aims to release in early 2023. Additionally, several hundred meters to the east of Tuvatu, drillhole TUDDH-612 has intersected mineralization corresponding to a distinct CSAMT gradient anomaly. This release presents significant new results from two separate areas within the general Tuvatu deposit footprint (Figure 1).
Highlights URA1
Discovery of near-surface, high-grade URA1 lode from intersection with the development decline, defined through channel sampling (up to 29 g/t Au over 1m in MD-CH-002) and diamond drilling of holes TUDDH-617, 619, and 621 (up to 167.42g/t Au over 0.3m in TUDDH-617, and 27.99 g/t Au over 1.2m in TUDDH-621).
Provides increase in volume of mineralized material within the portion of the deposit scheduled for earliest production.
A general N-S orientation of the lode corresponds to other major lodes (e.g., URW1) and may indicate the presence of an additional series of undiscovered lodes further to the West of Tuvatu.
Underscores the substantial near-mine exploration upside.
Highlights TUDDH-612
New ore-grade mineralization of 18.53 g/t Au over 0.6m from 492m corresponding to a sharp CSAMT geophysical gradient anomaly.
May represent the possible strike extension of the UR4 lode at Tuvatu, that may also include the deep high-grade intercept in TUDDH-494 at >1100m depth.
Tuvatu itself is coincident with a CSAMT gradient of similar magnitude; the recurring correspondence of mineralization with such gradients provides strong validation for the viability of this method for discovery of additional mineralized centers in the caldera. Once completed, this data will provide robust drill targets and substantial projected upside for new discovery.
URA1 lode, Zone 2 During advancement of the 2022 development decline, approximately 75m from the portal entrance, a sharp, clearly defined quartz-sulfide lode was intersected striking NNE-SSW and dipping 84°SE (Figure 2a). This newly identified structure is defined through underground mapping and has control points in space from chip-channel sampling, (results: Table 1) and a three-hole DDH program (TUDDH-617, 619 and 621; Figure 2b) to test the extent of this new lode (results: Table 2). The lode is named URA1, and represents a completely new, previously unmapped structure occurring within the northwestern, near-surface portion of the Tuvatu deposit (Zone 2). The new occurrence discovered near-surface, in a portion of the Tuvatu orebody that is within the current resource estimation extents, illustrates the extraordinary upside potential of the Tuvatu orebody in general. Table 2 lists the interpreted lode for each of the mineralized intercepts in boreholes TUDDH-617, 619, and 621. It is notable that the high-grade intercepts near the bottom of hole TUDDH-617 between 140.1 and 144.6m remain undefined, potentially representing yet another new lode. Moreover, this illustrates the discovery potential of additional mineralization, especially toward the West Zone where relatively sparse drilling has been completed. Notably, this area is defined by historic drilling carried out at a N-S orientation, which would have limited the exposure of the drilling to mineralized lodes trending in the same orientation.
As the discovery and definition of new features continues to add upside, intersection with known lodes, like the Murau 8 lode, intersected with TUDDH-621 at 105.3m returning 4.8m at 30.75 g/t gold continues to provide confidence in the grade continuity of known lodes.
TUDDH-612 and CSAMT profile 6 As part of the Company’s ongoing near-mine exploration program, drillhole TUDDH-612 was completed to test the sharply defined CSAMT1 gradient anomaly on profile 6 (Figure 3). Drill hole TUDDH-612 intersected 18.53 g/t Au over 0.6m at 491.8m depth along the borehole.
As shown in Figure 1, this area is located several hundred meters from the current Tuvatu mineral resource outline. As such, the mineralization intersected at this location represents a new target zone of potential high-grade mineralization that warrants follow-up. Furthermore, the mineralized intercept in hole TUDDH-612 corresponds closely to the strike projection of the UR4 lode, along with the previously reported, deep intercept in TUDDH-494 of 12.2 g/t Au at a depth along the hole of 1106.3m (see April 8, 2022 news release). As such, these intercepts may indicate the extension of the UR4 lode toward the northeast and at depth, increasing LIO’s confidence that the mineralized structure has continuity over space for several hundred meters both to the east and at depth. This structure remains open along strike and up and down dip.
The mineralization observed (Figure 3) corresponds directly with a sharply defined CSAMT gradient anomaly, thus lending significant credence to the application of CSAMT for targeting new zones of potential mineralization. The infill CSAMT survey lines completed in 2022 to complement the previous 2019 survey, are currently in final phase of interpretation. The interpreted survey results will be the subject of a future release. It is expected that once finalized, the combined CSAMT geophysical data from previous and recent surveys will play a significant role in outlining new zones of mineralization near Tuvatu, as well as regionally throughout the Navilawa caldera. A third program of CSAMT geophysics will commence in 2023 and is expected to contribute to coverage of the Navilawa caldera within LIO’s most prospective areas of interest.
Table 1. Chip-channel results from sampling of the URA1 lode, development decline.
Channel ID
From m
To m
Width m
Composited Grade g/t Au
Cumulative g*m
MD-CH-001
0.0
2.5
2.5
9.94
24.86
MD-CH-002
0.0
1.0
1.0
29.02
29.02
MD-CH-003
1.0
3.0
2.0
8.91
17.83
MD-CH-004
1.5
3.0
1.5
11.93
17.89
MD-CH-005
1.0
2.5
1.5
15.17
22.75
MD-CH-006
0.0
3.0
3.0
5.62
16.87
MD-CH-011
0.0
2.5
2.5
10.46
26.15
Figure 1. Plan view of the Tuvatu deposit lodes (gray) showing the locations of the exploration and development declines (red), the new URA1 lode (blue) to the west, and TUDDH-612 borehole to the east. The dotted arrow indicates the possible strike extension of the UR4 lode.
Figure 2b. Oblique view (looking NE) of the URA1 lode (blue) showing the locations of the exploration and development declines (red), and the follow-up boreholes TUDDH-617, 619, and 621.
Figure 3. Oblique view showing the locations of borehole TUDDH-612 relative to the CSAMT profile 6, and the exploration and development declines. The location of the high-grade intercept in TUDDH-612 at 18.53 g/t Au is indicated by the red dot. Green dots represent values between 0.5 and 3.0 g/t Au.
Table 2. Results from URA1 drilling. The interpreted lode for each intercept is indicated.
Hole ID
From (m)
To (m)
Interval (m)
Au g/t
Lode
TUDDH-617
51.9
53.1
1.2
0.99
Murau 4
56.1
58.2
2.1
1.76
URA 1
including
57.9
58.2
0.3
6.30
URA 1
59.7
63.3
3.6
2.93
URA 1
including
59.7
60.0
0.3
17.01
URA 1
81.9
82.8
0.9
1.20
undefined
140.1
141.0
0.9
56.22
undefined
including
140.7
141.0
0.3
167.42
undefined
143.4
144.6
1.2
19.27
undefined
TUDDH-619
29.3
32.6
3.3
1.82
Murau 4
41.3
42.5
1.2
0.52
undefined
47.6
48.8
1.2
2.79
Murau 5
50.6
51.2
0.6
5.03
Murau 5
including
50.9
51.2
0.3
8.26
Murau 5
52.4
52.7
0.3
0.66
Murau 5
65.0
65.3
0.3
3.48
URA 1
72.2
73.7
1.5
2.78
Murau 7
including
73.4
73.7
0.3
9.66
Murau 7
148.1
148.7
0.6
0.59
Murau 12
TUDDH-621
77.7
80.1
2.4
6.03
Murau 6
including
78.3
78.6
0.3
43.13
Murau 6
81.3
83.4
2.1
2.68
Murau 7
including
82.8
83.4
0.6
5.26
Murau 7
84.6
87.6
3.0
2.24
Murau 7
including
86.7
87.3
0.6
7.37
Murau 7
105.3
110.1
4.8
30.75
Murau 8
including
105.3
105.9
0.6
54.31
Murau 8
and
105.9
106.5
0.6
8.10
Murau 8
and
106.5
107.4
0.9
56.17
Murau 8
and
107.4
108.3
0.9
46.55
Murau 8
and
108.3
108.6
0.3
11.39
Murau 8
and
108.6
108.9
0.3
13.49
Murau 8
and
108.9
110.1
1.2
8.56
Murau 8
123.6
124.2
0.6
2.62
Murau 10
156.0
157.2
1.2
0.81
Murau 11
159.3
160.5
1.2
27.99
URA 1
168.0
170.4
2.4
17.06
Murau 12
including
168.0
169.2
1.2
8.62
Murau 12
and
169.2
170.4
1.2
25.51
Murau 12
Table 3. Survey details of diamond drill holes referenced in this release.
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
m
Deg.
(TN)
TUDDH-612
3920929.1
1876512.6
236.3
905.8
-60
097
TUDDH-617
3920800.6
1876257.3
203.1
149.9
-60
266
TUDDH-619
3920801.2
1876257.7
203.2
161.1
-60
297
TUDDH-621
3920799.9
1876257.7
203.0
200.7
-69
225
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
1 CSAMT = Controlled Source Audio Magneto-Tellurics – a ground based geophysical technique that maps 3D electrical resistivity contrasts, inferred to be structural, lithological or hydrothermal-alteration related.
North Vancouver, British Columbia–(Newsfile Corp. – November 18, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that the Company has produced additional bonanza-grade drilling intercepts and expanded the Deep Feeder Zone 500 by increasing the vertical extent of the URW3 Lode by at least 180 m at its high-grade Tuvatu Alkaline Gold Project in Fiji.
The results from these holes confirm a significant increase in the vertical extension and continuity of the URW3 mineralized zone, which occurs on the western margin and as part of the high-grade feeder zone. The new drill intercepts, in conjunction with results from the previously drilled TUG-138 drill hole, correspond to a significant increase in grade with depth, as numerous bonanza-grade intercepts return gold assay values ranging from 100-800 g/t gold. Additionally, this drilling confirms an increase in the vertical extent of this distinct portion of the 500 zone feeder by at least 180 m. The high-grade feeder zone remains open at depth.
Overall, the drill results reported here are consistent with a persistent, substantial upside being realized at Tuvatu resulting from the aggressive deep drilling adopted by the company since the initial discovery of the deep feeder zone by hole TUDDH-500, in July of 2020.
Highlights:
An increase of at least 180 m in the vertical extent of the URW3 lode as defined by bonanza grade intercepts
Multiple high-grade intercepts including from TUG-149 including 12.89 g/t Au over 12.9 m from 254.4 m, 84.61 g/t Au over 3.9 m from 318.6 m, and 48.65 g/t Au over 5.4 m from 423.3 m
Definition of a new portion of deep, high-grade feeder material that is separate from, and parallel to, the high-grade zone previously defined by TUG-141/TUDDH-601/TUDDH-608
Select high-grade intercepts
Hole ID
From (m)
To (m)
Intercept (m)
Au g/t
TUG-149
254.4
267.3
12.9
12.89
including
259.2
259.5
0.3
134.97
318.6
322.5
3.9
84.61
including
321.3
321.6
0.3
536.50
321.6
321.9
0.3
530.60
423.3
428.7
5.4
48.65
including
426.0
426.3
0.3
802.47
TUDDH-613
529.0
529.3
0.3
108.52
TUDDH-616
624.2
631.7
7.5
9.43
including
624.2
626.6
2.4
12.11
and
627.2
628.7
1.5
23.59
which includes
627.5
627.8
0.3
63.86
Technical advisor to the Company, Dr. Quinton Hennigh commented: “This drilling is leading us closer and closer to the main conduits of this remarkable high-grade gold system. Without question, URW3 is turning into a big branch of the ‘tree.’ The junction between it and the rest of the 500 Zone looks like it forms a pipe, perhaps the one that has allowed mineralizing fluids to flow upwards. If we chase this down with further drilling, I think it could lead us to parts of the system in which considerable gold was deposited. We must keep drilling.“
Drill holes TUDDH-613 and 616, and TUG-149 were designed to follow up the previously announced discovery of the very high-grade zone of Au mineralization discovered by hole TUG-141 (Read June 6, 2022 News Release), and subsequently followed up by holes TUDDH-601 (Read August 15, 2022 News Release), and TUDDH-608 (Read Nov. 7, 2022 News Release). Holes TUG-149, TUDDH-613, and TUDDH-616 all intersected a distinct zone, located approximately 60 m to the west of the TUG-141 structural corridor, that corresponds to the down-dip projection of the URW3 lode (Figure 1). The substantial bonanza-grade intercepts (Figure 2) in these drill holes, along with the high-grade intercepts in a previously reported hole TUG-138 (Read June 6, 2022 News Release) of 23.14 g/t Au over 3.0 m including 118.6 g/t Au over 0.3 m, collectively define a significant vertical extension to URW3 of at least 180 m.
Sr. Vice-President of Exploration, Sergio Cattalani states: “This is yet another major advance in our continuing efforts to follow and delineate what is increasingly understood to be the principal high-grade feeder at Tuvatu. While we believe we are rapidly defining major portions of the feeder structures, we are also confident that we are in no way near its base. This feeder is developing into a bonanza-grade zone defined by multiple major channel-ways that appear to coalesce. With the TUG-141/TUDDH-601/608 zone, and now the URW3 zone, we have at least two, distinct but likely interconnected corridors of continuous high-grade mineralization to follow up. We’re just getting started…“
Figure 1 below represents a 15 m thick longitudinal section along the dip-extent of the URW3 lode, and illustrates the effect of TUG-149, TUDDH-613, and TUDDH-616 on what appears to be the downward extension of this important structure. The TUDDH-613 and TUDDH-616 traces are relatively short because the holes are oblique to the section. TUG-149 appears as a longer continuous trace as it remained at a very low angle to the dip of the URW3 lode. This is also reflected by the long interval of 12.9m of 12.89 g/t Au from 254.4-267.3m depth. TUG-138 (red diamonds) was a pre-existing hole, but in light of the most recent drill results, is now interpreted to also form part of the downward extension of the URW3 lode.
Figure 1. Longitudinal section, 15 m in thickness in the plane of the URW3 lode (striking N007°, dipping -79°SE). Red dots represent new intercepts reported here; Red diamonds represent intercepts previously reported by hole TUG-138. Photos of selected intercepts above in Figure 2.
Figure 2:Plate A: ladder-style vein at low angle to core axis, TUG-149: 251.4m, 35.36 g/t Au; Plate B: close-up view of mineralization consisting of euhedral pyrite and sphalerite in a matrix consisting of a very fine mixture of silica and dark brown pyrite, TUG-149: 259.5m, 134.97 g/t Au; Plate C: coarse VG on edge of quartz-pyrite veinlet, TUG-149: 321.6m, 536.5 g/t Au; Plate D: very coarse VG in quartz-pyrite veinlet, TUG-149: 426.1m, 802.5 g/t Au; Plate E: ladder-style quartz-pyrite vein, TUDDH-616: 605.5m, 17.10 g/t Au; Plate F: edge of dark silica-pyrite hydrothermal breccia vein, TUDDH-616: 615.5m, 24.89 g/t Au; Plate G: very coarse crystalline and wire VG in a vug along a quartz-pyrite vein, TUDDH-616: 627.5m, 63.86 g/t Au; Plate H: close-up view of the coarse crystalline and wire gold in same sample as Plate G, photographed using a field binocular microscope.
Table 1: Includes the location and other information for listed DDH holes
HOLE ID
EASTING
NORTHING
ELEVATION
AZIMUTH
DIP
DEPTH (M)
TUG-149
1876438
3920584
115.1
115.0
-77.0
in progress
TUDDH-613
1876280
3920472
286.3
90.0
-68.0
869.90
TUDDH-616
1876280
3920472
286.3
92.0
-71.0
767.70
Table 2: Drilling intervals returning >0.5 g/t Au. Intervals > 3.0 g/t Au cutoff are displayed in red. Intervals > 9.0 g/t Au or longer than 1.2 m are displayed in bold.
Hole ID
From (m)
To (m)
Interval (m)
Au g/t
TUG-149
187.5
188.1
0.6
0.86
208.5
208.8
0.3
0.72
236.1
237.0
0.9
1.85
245.4
248.1
2.7
1.49
251.1
252.0
0.9
13.77
including
251.4
251.7
0.3
35.36
254.4
267.3
12.9
12.89
including
255.0
255.3
0.3
5.60
including
255.9
256.2
0.3
44.14
including
256.2
256.5
0.3
59.64
including
256.8
257.1
0.3
17.64
including
257.1
257.4
0.3T
33.17
including
257.4
257.7
0.3
17.41
including
257.7
258.0
0.3
46.76
including
258.0
258.3
0.3
29.45
including
259.2
259.5
0.3
134.97
including
259.5
259.8
0.3
15.90
including
259.8
260.1
0.3
5.86
including
260.1
260.4
0.3
60.19
including
260.4
260.7
0.3
21.32
including
261.3
261.6
0.3
14.55
including
261.6
261.9
0.3
7.95
312.0
313.5
1.5
16.02
including
312.6
312.9
0.3
60.03
including
312.9
313.2
0.3
12.02
including
313.2
313.5
0.3
6.60
315.0
315.6
0.6
1.72
318.6
322.5
3.9
84.61
including
318.9
319.2
0.3
7.48
including
321.3
321.6
0.3
536.50
including
321.6
321.9
0.3
530.60
including
321.9
322.2
0.3
5.32
353.1
353.4
0.3
0.59
359.4
360.0
0.6
5.26
including
359.4
359.7
0.3
8.89
390.3
390.6
0.3
0.53
393.6
393.9
0.3
0.58
394.8
395.7
0.9
0.71
401.7
402.3
0.6
0.87
419.7
420.0
0.3
1.93
423.3
428.7
5.4
48.65
including
424.8
425.1
0.3
5.53
including
425.1
425.4
0.3
5.26
including
425.7
426.0
0.3
17.53
including
426.0
426.3
0.3
802.47
including
426.6
426.9
0.3
6.31
including
426.9
427.2
0.3
7.05
including
427.8
428.1
0.3
18.01
432.3
432.9
0.6
0.58
441.0
441.3
0.3
9.20
486.4
490.6
4.2
8.96
including
487.0
487.3
0.3
7.22
including
487.9
488.2
0.3
5.88
including
488.2
488.5
0.3
10.33
including
489.1
489.4
0.3
7.67
including
489.4
489.7
0.3
49.97
including
489.7
490.0
0.3
35.57
hole still in progress
TUDDH-613
35.5
36.1
0.6
0.59
37.0
37.9
0.9
0.78
160.4
161.0
0.6
1.38
452.2
452.5
0.3
0.68
529.0
529.3
0.3
108.52
531.1
532.0
0.9
0.82
535.6
543.1
7.5
2.76
including
539.8
543.1
3.3
5.45
which includes
540.7
541.3
0.6
25.10
551.2
554.2
3.0
8.39
including
551.2
552.1
0.9
5.02
including
552.1
552.7
0.6
11.67
including
553.3
553.9
0.6
9.36
including
553.9
554.2
0.3
24.54
580.0
580.9
0.9
0.50
594.6
596.1
1.5
0.65
627.4
631.9
4.5
0.96
633.7
634.0
0.3
0.71
755.0
755.3
0.3
0.51
TUDDH-616
36.8
37.7
0.9
0.70
604.6
607.9
3.3
2.99
including
605.2
606.1
0.9
8.65
which includes
605.2
605.5
0.3
17.10
614.8
617.6
2.8
5.73
including
615.1
616.4
1.3
11.55
which includes
615.4
615.7
0.3
24.89
618.8
620.3
1.5
3.91
including
618.8
619.4
0.6
7.61
624.2
631.7
7.5
9.43
including
624.2
626.6
2.4
12.11
including
627.2
628.7
1.5
23.59
which includes
627.2
627.5
0.3
37.09
and also includes
627.5
627.8
0.3
63.86
including
629.9
631.1
1.2
3.43
633.5
634.7
1.2
16.76
including
634.1
634.7
0.6
29.54
636.5
637.1
0.6
0.59
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. The drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high-grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – November 7, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce results from hole TUDDH 608 as part of its ongoing deep drill program in definition of the “500” zone. Exceptional results include 23.7 meters (m) averaging 17.52 g/t gold with a horizontal true width of 10.4m. Mineralized intervals are inclusive of several bonanza-grade intercepts. This hole is consistent with Lion One’s geological model of a robust Alkalic gold system with increasing gold grade at depth.
Highlights
A deep high-grade intercept of 17.52 g/t Au over 23.7m with 10.4m true width from TUDDH 608 Targeting intersection of TUG 141(20.86 g/t Au over 76.9m) and TUDDH 601(12.22 g/t Au over 54.9m) Structural interpretation for a deep high grade feeder system taking shape in Zone 500
TUDDH 608 – select high grade intercepts
From m
To m
Intercept m
Grade g/t Au
594.5
618.2
23.70
17.89
594.5
614.1
19.60
21.16
596.7
603.1
6.40
42.58
596.7
597.9
1.20
85.10
599.8
600.4
0.60
108.31
Lion One Senior Vice President Exploration Sergio Cattalani commented “By drilling at a high angle across the TUG 141 (20.86 g/t gold over 76.9m) / TUDDH 601 (12.22 g/t Au over 54.9m) high-grade zone, TUDDH 608 was able to provide valuable information on the width and continuity of this zone. The outstanding results obtained of 17.52 g/t gold over 23.7m corresponds to a horizontal true width of 10.4m, which is approximately seven times the estimated average mining width, and at a grade that is nearly twice the average grade of the existing resource. The significance of this zone and its likely contribution to the increase in overall contained ounces cannot be overstated, as the extent of this zone may be much greater than previously thought. We are currently drilling several additional holes to test the possible plunge extent estimated by oriented core structural measurements. We will continue to report additional results as they become available.”
Hole TUDDH 608 (azimuth: 089°, dip: -64°), drilled from west to east, was designed drill across the high-grade zone identified in two directions by TUG 141 and TUDDH 601 (Figures 1, 2). With the completion of TUDDH 608 we can now better understand the true horizontal width and potential volume of the bonanza-grade feeder zone. The results are outstanding with 23.7m drilled width at 17.5 g/t gold, including 19.6m of 20.7 g/t gold (Figures 3-10). The horizontal true width of the zone at the drilled location is 10.4m (Figure 1). Lion One regards the confirmation of the high-grade feeder zone initially identified by TUG 141 and TUDDH 601 as transformational in that it confirms both continuity and implies extensive volume of the mineralized feeder zone below the current resource. Mineralization in TUDDH 608 extends from 594.5m to 618.2m (Table 1).
Lion One CEO Walter Berukoff commented “We look forward to further definition of the “Jewel box” dilatational feeder zone that we have been drilling out beneath the existing resource starting from surface at Tuvatu. This hole provides outstanding results for us as it continues to lend credence and proof-of-concept to the thesis of a deeper, very high-grade, feeder-style zone at depth. We continue to add enormous value to the mine as well as the critical exploration upside with the drill bit. We are defining what looks to be the next major high-grade discovery and world-class gold deposit right here in Fiji. We look forward to further results in very near future.”
Assay Data for TUDDH 608
Drill Hole
Easting
Northing
Elevation
Azimuth
Dip
Length (m)
TUDDH 608
1876280.4
3920472.4
286.5
89
-64
678.1
Drill Hole
From (m)
To (m)
Interval (m)
Au (g/t)
TUDDH 608
38.0
38.6
0.6
1.04
263.8
264.4
0.6
0.79
285.1
285.7
0.6
0.69
493.6
493.9
0.3
3.08
503.2
510.0
6.8
2.45
Including
506.7
507.3
0.6
10.50
511.2
515.7
4.5
1.45
517.8
518.1
0.3
1.09
519.3
523.2
3.9
1.50
557.1
557.7
0.6
9.09
Including
557.1
557.4
0.3
11.65
Including
557.4
557.7
0.3
6.52
559.2
559.8
0.6
3.03
571.4
572.6
1.2
9.42
Including
571.4
572.0
0.6
17.03
Including
572.0
572.6
0.6
1.80
576.5
577.4
0.9
0.51
594.5
618.2
23.7
17.89
Which Includes
594.5
614.1
19.6
21.16
Also Including
596.7
603.1
6.4
42.58
Including
596.7
597.9
1.2
85.10
Including
597.9
598.6
0.7
9.42
Including
598.6
598.9
0.3
8.38
Including
598.9
599.2
0.3
11.44
Including
599.2
599.5
0.3
6.98
Including
599.5
599.8
0.3
36.39
Including
599.8
600.4
0.6
108.31
Including
600.4
600.7
0.3
21.69
Including
600.7
601.7
1.0
13.54
Including
601.7
602.2
0.5
23.21
Including
602.5
603.1
0.6
80.02
and
603.1
603.7
0.6
7.05
Including
603.7
604.0
0.3
11.98
Including
606.0
606.6
0.6
54.54
Including
606.6
607.2
0.6
12.00
Including
607.2
607.8
0.6
8.30
Including
607.8
608.4
0.6
29.57
Including
609.3
609.6
0.3
24.31
Including
610.2
610.8
0.6
10.85
Including
610.8
611.1
0.3
7.54
Including
611.4
612.1
0.7
45.02
Including
612.1
612.9
0.8
13.31
and
612.9
613.8
0.9
0.54
and
613.8
614.1
0.3
1.87
and
614.1
616.1
2.0
<0.5
616.1
618.2
2.1
4.26
Including
616.1
616.7
0.6
11.72
Including
616.7
617.5
0.8
1.87
Including
617.5
618.2
0.7
0.59
670.2
670.5
0.3
1.05
Figure 1: Tuvatu Alkalic gold mine. Blue shapes are areas of known mineralization that define the current resource. Note the trifecta of holes that delineate, in 3 different orientations, the 10.4m true width of the “Jewel Box” high-grade zone (Brown =>10 g/t Au) which occurs within the larger high-grade 500 feeder zone
Figure 2: Closer view of the lower portion of Figure 1, depicting theorientation of selected drill holes that define a coherent high-grade portion within the high-grade 500 Zone mineralization entirely below the current resource.
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited
“Walter Berukoff“ Chairman and CEO
For further information Contact Investor Relations
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – September 28, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company“) is pleased to announce that it has closed its previously announced bought deal offering of 17,348,000 units (the “Units“) (including 1,108,0000 Units issued pursuant to Eight Capital and Canaccord Genuity Corp.’s (together, the “Underwriters“) partial exercise of the over-allotment option granted to the Underwriters) at a price of $0.77 per Unit for gross proceeds of $13,357,960 (the “Offering“).
Each Unit consists of a common share of the Company (each, a “Common Share“) and one-half (1/2) of one common share purchase warrant (each whole common share warrant, a “Warrant“) to purchase a Common Share at a price of $1.05 for a period of 36 months following the closing date of the Offering. In the event that the volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the “TSX-V“), or such other principal exchange on which the Common Shares are then trading, is greater than $1.75 for a period of twenty consecutive trading days at any time after the closing of the Offering, the Company may accelerate the expiry date of the Warrants by giving written notice to the holder thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company.
Pursuant to the Offering the Company issued 1,040,880 compensation warrants (the “Compensation Warrants“) to the Underwriters. Each Compensation Warrant is exercisable to purchase a Common Share at a price of $0.77 for a period of 36 months following the closing date of the Offering.
The net proceeds from the Offering will be used for exploration and development of the Company’s Tuvatu Gold Project.
The Offering was made by way of prospectus supplement dated September 22, 2022 (the “Prospectus Supplement“) to the Company’s base shelf prospectus dated May 13, 2022. Distribution of the Units issued pursuant to the Offering was insufficient to meet the TSX-V’s requirements for the listing of the Warrants so the Company has accordingly not applied to list the Warrants on the TSX-V.
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release. This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the use of proceeds from the Offering, the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Lion One (LIO-V) came out with a press release in early June that shot the shares from $1.04 to $1.67 in less than a week. Obviously the results were excellent. Most of the people who read it appreciated it for what it was. One of the clowns who posts on CEO.CA maintained that the company was only finding high-grade but narrow intercepts and didn’t believe it could be put into production.
So I posted a piece on June 7th and showed Mr. Doom and Gloom a map of Fiji showing the seven million ounces of production from the Vatukoula gold mine only forty km to the North East. The deposits might as well be identical. Same age, same grades and thickness, same type deposit.
The uptick didn’t last long. The shares came off their high and dropped to a low of $1.17 in early July before climbing a little. Gold shares seem to have lost their luster. Right now it really looks like everyone hates gold and gold shares.
That is wonderful news for investors.
But first I want to talk about something that I have been tempted to discuss in one or more of the interviews I have been doing lately. It doesn’t have anything to do with investing but it’s a lifestyle change I learned almost fifty years ago when I worked at Electronic Data Systems. That’s the company that made Ross Perot a billionaire.
EDS made Perot a billionaire within two weeks of the company going public in 1968. He was the first of the billionaires created by taking a company public. When Perot took EDS public only three people made over $1 million. Perot, his secretary and his number 2 man. The company that created the largest number of millionaires was Microsoft. Anyone working there for over five years had picked up enough options by 2000 to be a millionaire. So Perot made the least number of rich employees and Bill Gates made the most.
Perot was a squid; he attended the Naval Academy and served as a line officer in the Navy before leaving the service and going to work with IBM in 1957 selling mainframe computers. In 1962 he formed EDS that made his fortune for him. Perot actually never operated a computer and never wrote a line of code. But he did understand the potential of the machine.
EDS hired me in 1971. We all went through training in Dallas before launching off to whatever contracts EDS had providing computer services. Perot came up with a lot of interesting approaches to life.
The most valuable to me was the concept of how to get a lot of things done. A lot of people who actually believe they are organized will make a list of things they want to do and figure out when it will be convenient to do them.
Don’t ever do things when they are convenient. You will never accomplish very much.
Do things when they are inconvenient.
And the more inconvenient the better. That sounds counter intuitive much like investing in stocks when people hate them but it actually works in real life in both cases.
You see, no matter what you want to do, a lot of the time, in fact most of the time; it’s just inconvenient to do something. There are a lot more inconvenient times to do things than convenient times. So you will accomplish a lot more by doing them when they are a pain in the ass to do. They might never become convenient.
Lion One announced another set of great assays at their Tuvatu Gold mine in Fiji on the 12th of August. Since then the shares have dropped 16%. That’s simply nuts or the assays did nothing more than create a liquidity event. Tuvatu is 100% owned with no NSR.
Lion One came out with a 43-101 back in June of 2014 showing slightly over 910,000 ounces of gold at a 1.0-gram cutoff. They have done a lot of drilling and intercepts since. Remember their neighbor 40 km away has already produced seven million ounces of gold and has another four million identified.
But rich projects require a lot of money and a lot of time to advance. Lion One is drilling for expansion of their resource at the same time they are doing mine planning for their mill scheduled to be into production in Q4 of 2023.
Lion One is my biggest single position. I have an average cost of $1.18 and as of today it trades at $1.16. But I only know half a dozen stocks that have the market cap potential of Lion One and it is by far the cheapest in relative terms. The company has excellent management and technical team. They have their own lab on site supporting the six drill rigs turning.
Lion One is an advertiser. I am a shareholder and just as biased as I can be so do your own due diligence.
Lion One Metals LIO-V $1.16 (Aug 18, 2022) LOMLF OTCQX 156.4 million shares Lion One website
North Vancouver, British Columbia–(Newsfile Corp. – August 8, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) announces that the Government of Fiji has granted an extension of the Tuvatu Mining Lease (SML 62) for an additional 10 year term renewable on Feb. 28, 2035.
SML 62 is the Company’s cornerstone permit enabling Lion One to build mining and milling operations at Tuvatu, forming part of its 100% owned, high-grade Tuvatu Alkaline Gold Project, located 24km from Fiji’s International Airport in Nadi.
In an official ceremony attended by over 300 dignitaries at Tuvatu yesterday, Lion One CEO Walter Berukoff thanked Fiji’s Attorney General Aiyaz Sayed-Khaiyum, the Mineral Resource Department, and Lion One’s Chief Operating Patrick Hickey, commenting, “I am proud to say that it is with great elation that the Government of Fiji has renewed our special mining lease for the Tuvatu Alkaline Gold Project for another ten years. This lease extension sends a clear message to the world that Fiji continues to be open to public markets which can access critical capital to enable responsible mining projects to be built. Responsible mining will enhance the local socio-economic conditions for all Fijians. To date, we have invested over $140 million into the local economy.”
The development of Tuvatu is guided by Lion One Chief Operating Officer Patrick Hickey, an accomplished engineer with extensive executive-level experience in mine building roles for companies such as Newmont Mining Corporation and Kinross Gold Corp. across Africa, Asia, and North America. Mr. Hickey leads a management team of nine and staff that includes some of the most skilled and experienced exploration and underground mining experts in the South Pacific. Under Mr. Hickey’s leadership, the Company has ramped up its mining development activities at Tuvatu. There are six active drill rigs, an Exploration decline measuring over one kilometre in length, and a fully operational on-site analytical sampling laboratory at production levels threefold from earlier this year.
Mr. Hickey commented, “We very pleased to have been granted this extension after the rigorous assessment process that factored not only the geological and economic potential of Tuvatu, but our environmental risk management strategy, and local landowners and community relationships. This milestone demonstrates the tremendous support the Fiji Government has for both Lion One and its mining industry as we continue our commitment to the communities that we operate in to provide direct employment opportunities and peripheral economic stimulus.”
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
Photo 1: Patrick Hickey and Walter Berukoff at Tuvatu ceremony
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Patrick Hickey, P. Eng., Lion One’s Chief Operating Officer, is the Qualified Person for the Company and has reviewed and is responsible for the content of this news release.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
I have been waiting for a couple of years to write this story. For years Lion One has been my biggest holding because the story is so simple to understand. I’ve written half a dozen pieces on the company and the last one I wrote was seven months ago. I called it, Buying Lion One is like Stealing. And few listened. The shares were $.97 at the time. Between then and now the stock has barely edged higher in spite of excellent results such as their May 31 press release showing 584 grams of gold per tonne over 0.30 meters.
I love the chat boards. You get to see just how stupid some people can be in their failed attempts to look smart. Here is what someone said on the CEO.CA Lion One board in response on May 31st.
@NabtaPlayaEgypt Tuvatu continues to be restricted to returning very narrow (1/3 meter average) high grade shoots which unless such systems are spaced relatively close en-echelon, may not be economic to mine. At the rate that drilling returns are coming in, that it could take another 2-3 years minimum to create a significant resource update.
Someone wrote me privately and asked what I thought about the comment. Here is how he posted my response.
@WisGuy1 BM response: “Absolute rubbish. There is a similar mine a stone’s throw away that has produced millions of ounces of gold of similar grade and thickness.”
(Click on images to enlarge)
Investing in Lion One at a profit is about as difficult as learning how to fall off a bike. If you can handle that, you can make money on Lion One, because there is an identical age and grade alkaline deposit located about 40 km to the Northeast called the Vatukoula Gold mine. In production from 1932 the Vatukoula mine has produced over seven million ounces of gold and shows a resource of an additional four million ounces.
The deposits are identical in age, grade and type of deposit. So anyone saying you can’t mine a 584-gram intercept of gold over 0.30 meters is blowing smoke.
Lion One is fully permitted to go into production. They built their own assay lab and it is run to industry standards so assays that might take 2-3 months in Canada take 2-3 days in Fiji. Lion One plans on production to begin in Q3/Q4 of 2023.
Lion One has a current 43-101 showing just over 910,000 ounces of gold at an average of 5.61 g/t to 5.8 g/t. I had a short conversation with Wally Berukoff about the production plans. He is shooting for annual numbers of around 100,000 ounces of gold. That is pretty much the magic number. The market will not take any company seriously below that number.
Because of silly Covid restrictions put in by the government of Australia and Fiji, Lion One has been pretty much delayed for two years. The stock hit a high of $2.67 in July of 2020 based on excellent results before drifting lower to a low a month ago of $.88. I’ll stand by every word I said in my piece from November of last year. Buying Lion One is like stealing. They have the goods.
Wally realized the project could not be run remotely from Perth so last year he put in a brilliant on site team in Fiji. If you watch this video, I think you will agree with me in saying that this is one of the most professional teams I have ever seen in twenty years.
Currently the company has about $34 million in cash in the treasury. They have six drills turning with two more on order. The incredible latest hole shows they have tapped into a feeder pipe. They will continue to drill to upgrade and increase the near surface gold resource for near term production but I expect them to pincushion the feeder to determine all its limits.
The worst thing that can happen to any stock is for shareholders to become bored. Once they do, they bail out at the first opportunity to break even. While the stock going up 17.5% on the news with over two million shares trading on the news, I suspect that was a lot of weak hands selling. Look for a couple of quiet days without a lot of price movement and then for the shares to go higher, perhaps much higher. The incredible results of the past two years tell me the high of $2.67 will be revisited soon. Lion One is still cheap.
Until the news of the incredible latest intercept hit the market my personal shares have been underwater for most of the last two years. My average price was $1.18 and it took this news to bring me into profit. But I have believed this story since I first heard it and continued to add to my position as the price dropped. I have never sold a single share and right now I am really glad.
Lion One is an advertiser. I love the company; I love the management and the team that Wally has put together. It will be a mine. It will be profitable and it will be a hell of a lot bigger than anyone imagines today. I expect majors will be sniffing around soon wanting to pick up a piece of it while it’s still cheap. That isn’t going to last long. As with the case of Newfound Gold, intercepts similar to this do not occur in a vacuum. There will be more record-breaking hits in the future.
I own shares and have participated in PPs in the past and will in the future. I am biased so do your own due diligence.
Lion One Metals LIO-V $1.34 (Jun 06, 2022) LOMLF OTCQX 156 million shares Lion One website
North Vancouver, British Columbia–(Newsfile Corp. – June 6, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is delighted to announce the discovery of a major new feeder structure at its Tuvatu Alkaline Gold Project in Fiji. Hole TUG-141, targeting a complex network of high-grade structures called the 500 Zone, has encountered the longest high-grade intercept yet recorded at Tuvatu, 20.86 g/t Au over 75.9m, including 43.62 g/t Au over 30.0m which includes 90.35 g/t Au over 7.2m. The new discovery is located at depth beneath the current resource fully within the permit boundaries of the Tuvatu mining lease.
High-grade intercepts from TUG-141 include:
20.86 g/t Au over 75.9m from 443.4-519.3m
including 35.25 g/t Au over 37.5m from 471.3-508.8m
including 43.62 g/t Au over 30.0m from 477.6-507.6m
including 90.35 g/t Au over 7.2m from 494.4-501.6m
and notable individual high-grade assay intervals including:
– 138.15 g/t Au over 0.30m from 450.9-451.2m
– 396.16 g/t Au over 0.30m from 479.1-479.4m
– 103.54 g/t Au over 0.30m from 498.6-498.9m
– 340.07 g/t Au over 0.30m from 498.9-499.2m
– 600.42 g/t Au over 0.30m from 499.5-499.8m
– 244.37 g/t Au over 0.30m from 502.5- 503.1m
– 230.18 g/t Au over 0.30m from 507.3-507.6m
– 105.58 g/t Au over 0.30m from 518.7-519.0m
Lion One CEO, Walter Berukoff, stated: “Like the initial discovery of the high-grade 500 Zone drilled two years ago, I believe this new robust high-grade gold feeder mineralization encountered by hole TUG-141 represents a substantial discovery for Lion One. The notable high grades and continuity of mineralization of this intercept demonstrate Tuvatu’s potential to become a large-scale, high-grade underground gold mine. I have long encouraged our team to find that “gold room” at Tuvatu, and hole TUG-141 leads me to believe they have found it. We have only to look at other notable large alkaline Au deposits as direct analogues to better understand what this latest discovery tells us, and it is clear that the discovery of a major high-grade feeder such as this should be viewed as very promising. I am confident that Tuvatu will one day fall in the ranks of notable multi-million ounce Au deposits such as Porgera and Vatukoula. I commend our team on this truly outstanding discovery and I look forward to continued successful execution of both our exploration strategy to realize growth at Tuvatu and our development strategy targeting the commencement of gold production in the second half of 2023.”
Lion One Senior VP of Exploration, Sergio Cattalani, commented: “The mineralized intercepts reported by TUG-141 represent a highly significant development. The grades and continuity observed by the intercepts in hole TUG-141 are of a magnitude not previously documented at Tuvatu, and highlights the largely untapped potential of this deposit. The significance of having identified what may be a new principal feeder conduit for Tuvatu confirms the model that has driven this deep exploration program since the discovery of hole TUDDH-500 in July 2020. Our immediate priority is to follow up of this significant discovery with additional drilling in what remains a relatively poorly drilled portion of the Tuvatu system. Lion One, is now more than ever, convinced of the potential of Tuvatu to become a prominent, multi-million ounce Au deposit at the top of the Au grade distribution worldwide.”
Lion One Technical Advisor, Quinton Hennigh, commented: “Alkaline gold systems tend to be deep-rooted and very structurally complex. Exploring them can be analogous to drilling a tree from the top down. In the shallow part of the system, one finds the upper “branches,” or gold-bearing lodes, but as exploration persists to depth, bigger and bigger “branches,” or lodes, are encountered ultimately leading to the “trunk,” the feeder. The way this remarkable discovery at Tuvatu has unfolded is quite similar to the experience at Porgera, where after approximately ten years of diligent drilling, the high-grade Romane Fault Zone was discovered beneath a myriad of smaller lodes. What is most exciting about this discovery is that now that we have a clear idea where the deep fluid-tapping conduit of this system is located, we can effectively chase it to depth, and alkaline gold systems are known to persist to great depths, sometimes as deep as 2 km. Considering this intercept is only approximately 500m below surface, this discovery is wide open for growth at depth.”
TUG-141 was drilled in the area between modelled 500 Zone lodes 500A, 500C and 500F (Figure 1) where it intersected continuous high-grade Au mineralization grading 20.86 g/t Au over 75.9m that is predominantly hosted by intensely altered, fractured and brecciated andesite. The highest grade core of this zone is characterized by hydrothermal breccia displaying extreme silicification, potassic alteration and sulfidation with regular occurrences of visible gold (Figure 2). In addition, the presence of abundant roscoelite (a vanadium mica mineral) is very encouraging and is a mineral synonymous with the high-grade zones of world-class alkali gold systems such as Cripple Creek in Colorado and Porgera in Papua New Guinea. Some fragments within portions of this breccia are visibly milled, or rounded, indicating vigorous fluid flow. Observations of fracture patterns and textures ranging from incipient and in-situ to full-on brecciation (Figure 2) point to this zone being a dilational breccia that likely formed along a major structural intersection where stresses were being released at the time of mineralization. Rapid depressurisation accompanying seismic movement along such a dilational zone would allow rapid ascent of hydrothermal fluids resulting in silicification, K-metasomatism, sulfidation and rapid precipitation of Au. Textures of minerals observed in veins and open spaces is consistent with a rapid depositional regime.
Lion One is concurrently undertaking a two-pronged exploration drill campaign: 1) shallow infill drilling to enhance definition of its current resource in preparation for mine planning, and 2) deep drilling focussed on better understanding the geometry and extent of the underlying high-grade feeder network. As part of the latter program, hole TUG-141 targeted the upper portion of the 500 Zone at depths between approximately 450-550m where it is projected to connect with the base of lodes making up the Inferred resource. As discussed above, TUG-141 drilled into a very wide and exceptionally high-grade zone, 20.86 g/t Au over 75.9m, cored by hydrothermal breccia (Figure 2). Such a zone of extreme fracturing and brecciation has never before been observed at Tuvatu. It is significant to note that the bulk of this mineralized interval is hosted within andesite rather than by intrusive monzonite, the typical host rock for many lodes at Tuvatu. The significance of this observation has yet to be determined.
Furthermore, it is also notable that the nearest drill holes to TUG-141 are TUG-135 (70m below), TUG-136 (45m to the E), and TUG-138 (60m to the W), indicating that there is considerable space for a substantial increase in the ultimate size of the feeder conduit. All three of these holes have returned previously reported bonanza grade mineralization, similar in tenor and texture to that in TUG-141, including:
24.92 g/t Au over 3.70m from 415.7-419.4m in hole TUG-135 including 159.3 g/t Au over 0.30m;
87.83 g/t Au over 1.5m from 445.1-446.6m in hole TUG-136 including 108.41 g/t Au over 0.60m;
and 23.14 g/t Au over 3.0m from 571.5-574.5m in hole TUG-138 including 118.6 g/t Au over 0.30m.
The area remains open at depth. This target has now become of utmost importance for follow up drilling.
In addition to the impressive intercept of 20.86 g/t Au over 75.9m discussed above, hole TUG-141 encountered numerous other significant mineralized intercepts both above and below this interval including:
Above the high-grade intercept
3.93 g/t Au over 5.7m from 101.7-107.4m including 12.17 g/t Au over 0.30m
4.48 g/t Au over 10.2m from 109.8-120.0m including 38.27 g/t Au over 0.30m
10.98 g/t Au over 1.5m from 291.3-292.8m including 17.20 g/t Au over 0.60m
5.63 g/t Au over 19.2m from 311.7-330.9m including 20.50 g/t Au over 3.00m from 322.2-325.2m, which includes 71.01 g/t Au over 0.30m and 13.75 g/t Au over 0.60m
3.33 g/t Au over 4.50m from 366.3-370.8m including 7.40 g/t Au over 1.20m
11.38 g/t Au over 2.1m from 380.7-382.8m including 22.30 g/t Au over 0.90m
1.97 g/t Au over 13.5m from 391.8-405.3m including 15.25 g/t Au over 0.30m
2.82 g/t Au over 3.90m from 425.1-429.0m including 8.47 g/t Au over 0.30m
Below the high-grade intercept
3.08 g/t Au over 1.50m from 524.1-525.6m including 7.50 g/t Au over 0.30m
In aggregate, all mineralized intercepts reported from hole TUG-141 total 1,909 g/t Au-meters.
Complete results, received to date, from hole TUG-141 are summarized below in Table 1. This is the first drill hole in this part of the Tuvatu alkaline gold system, and as such, orientation and true thicknesses of mineralized intercepts discussed above are not known at this time. Further drilling is required to better understand this new discovery. At the time of writing, hole TUG-141 is still being drilled, and is currently >600m in depth with other mineralised structures yet to be assayed.
Figure 1. Plan view (upper) and vertical section looking E (lower) of the trace of TUG-141 and selected drill holes relative to the 500 Zone lodes modeled to date. TUG-141 was drilled from underground along the Tuvatu exploration decline. The traces of known lodes UR2 and UR4, and modelled lodes of the 500 Zone feeder are shown in red.
Figure 2. Compilation of photographs from TUG-141. (A) Abundant visible gold grains (0.2-2mm) in highly altered potassium metasomatized groundmass and roscoelite. (B) Visible gold (~2mm grains) associated with coarse pyrite in a silicified breccia. (C & D) Intensely silicified and pyritized andesite with microfractures of visible gold (~0.5mm grains).
Figure 2 (continued). (E) Vuggy breccia with coarse pyrite and silicified-sulfidized ground mass. Breccia clasts are angular to sub-rounded. (F) Coarse pyrite breccia with silicified-sulfidized ground mass. (G) Network fracture stockwork ~1-5mm veins with two generations of pyrite. The clasts are highly altered silicified andesite, with the veins containing quartz-pyrite. (H) Network fracture stockwork veins at multiple angles, with intense silicification, quartz-carbonate infill and pyrite.
Mineralization is observed as two generations of pyrite; an earlier bright euhedral pyrite that forms coarse crystals in the core of the veins and breccia, and a darker brownish, spongy pyrite that typically forms extremely fine-grained encrustations or overgrowths on earlier pyrite and wallrock fragments, as well as lining the edges of most veins (Figure 2). Quartz occurs commonly as bluish grey, amorphous to locally colloform silica. Open space vuggy textures are common, as are visible gold grains. Highest grades (up to 600 g/t Au) appear to be associated with an interval of intense pervasive silicification and sulfidation by up to 30% or more extremely fine-grained pyrite developed throughout the host rock, giving the rock an overall massive chocolate brown appearance (Figure 2). The intensity of replacement suggests this is a zone of very high and sustained fluid flux.
Table 1: Table showing all drilling intervals returning >0.5 g/t Au for hole TUG-141. Intervals > 3.0 g/t Au, which is the cutoff grade used for the current resource, are shown in red, and intervals >9.0 g/t Au, which is the average grade of the resource, are bolded.
Sample ID
From (m)
To (m)
Interval (m)
Grade (g/t Au)
TUG08584
71.7
72
0.3
0.96
TUG08535
101.7
102
0.3
3.96
TUG08536
102
102.3
0.3
12.17
TUG08537
102.3
102.6
0.3
5.35
TUG08538
102.6
102.9
0.3
1.42
TUG08539
102.9
103.2
0.3
3.09
TUG08541
103.5
103.8
0.3
1.19
TUG08542
103.8
104.1
0.3
8.64
TUG08543
104.1
104.4
0.3
7.67
TUG08544
104.4
104.7
0.3
7.56
TUG08545
104.7
105
0.3
7.90
TUG08546
105
105.3
0.3
3.53
TUG08548
105.6
105.9
0.3
0.60
TUG08549
105.9
106.5
0.6
4.83
TUG08452
107.1
107.4
0.3
1.42
TUG08456
109.8
110.1
0.3
15.41
TUG08457
110.1
110.4
0.3
0.74
TUG08458
110.4
110.7
0.3
1.12
TUG08459
110.7
111
0.3
5.28
TUG08460
111
111.3
0.3
0.80
TUG08462
111.6
111.9
0.3
2.66
TUG08463
111.9
112.2
0.3
1.45
TUG08464
112.2
112.5
0.3
1.22
TUG08466
112.5
112.8
0.3
1.50
TUG08467
112.8
113.1
0.3
2.67
TUG08468
113.1
113.4
0.3
3.47
TUG08469
113.4
113.7
0.3
2.92
TUG08470
113.7
114
0.3
2.93
TUG08471
114
114.3
0.3
8.74
TUG08473
114.6
114.9
0.3
7.36
TUG08474
114.9
115.5
0.6
0.90
TUG08475
115.5
115.8
0.3
7.20
TUG08476
115.8
116.1
0.3
3.14
TUG08477
116.1
116.4
0.3
0.92
TUG08479
116.7
117
0.3
3.62
TUG08481
117
117.3
0.3
15.85
TUG08482
117.3
117.6
0.3
2.06
TUG08483
117.6
117.9
0.3
1.95
TUG08484
117.9
118.2
0.3
0.58
TUG08485
118.2
118.5
0.3
5.51
TUG08486
118.5
118.8
0.3
6.35
TUG08487
118.8
119.1
0.3
38.27
TUG08488
119.1
119.4
0.3
3.02
TUG08489
119.4
119.7
0.3
1.41
TUG08490
119.7
120
0.3
2.19
TUG08494
122.4
122.7
0.3
1.35
TUG08946
213.6
213.9
0.3
2.11
TUG08947
213.9
214.2
0.3
0.97
TUG08948
214.2
214.5
0.3
3.03
TUG09446
214.5
214.8
0.3
0.82
TUG08949
214.8
215.1
0.3
1.50
TUG09401
215.1
215.4
0.3
1.61
TUG09402
215.4
215.7
0.3
1.75
TUG09407
216.9
217.2
0.3
3.22
TUG09408
217.2
217.5
0.3
0.18
TUG09409
217.5
217.8
0.3
0.62
TUG09423
222.9
223.2
0.3
0.72
TUG09432
226.5
226.8
0.3
1.41
TUG09444
233.4
233.7
0.3
1.32
TUG09445
233.7
234
0.3
3.13
TUG09447
234
234.3
0.3
6.30
TUG09448
234.3
234.6
0.3
2.08
TUG09529
274.8
275.1
0.3
0.77
TUG09536
276.6
276.9
0.3
0.59
TUG09540
277.8
278.1
0.3
0.64
TUG09566
291.3
291.6
0.3
14.77
TUG09567
291.6
291.9
0.3
4.01
TUG09568
291.9
292.2
0.3
16.55
TUG09569
292.2
292.5
0.3
17.85
TUG09570
292.5
292.8
0.3
1.75
TUG09582
299.1
299.4
0.3
2.12
TUG09583
299.4
299.7
0.3
1.94
TUG09584
299.7
300
0.3
0.63
TUG09585
300
300.3
0.3
1.13
TUG09586
300.3
300.6
0.3
0.99
TUG09587
300.6
300.9
0.3
0.79
TUG09588
300.9
301.2
0.3
4.31
TUG09591
301.8
302.1
0.3
1.58
TUG09594
302.7
303
0.3
0.92
TUG09595
303
303.3
0.3
0.78
TUG09605
308.1
308.4
0.3
1.28
TUG09614
311.7
312
0.3
1.35
TUG09616
312
312.3
0.3
2.61
TUG09617
312.3
312.6
0.3
0.08
TUG09619
313.2
313.5
0.3
4.56
TUG09620
313.5
313.8
0.3
3.54
TUG09621
313.8
314.1
0.3
2.47
TUG09622
314.1
314.4
0.3
1.65
TUG09625
315.3
315.6
0.3
1.25
TUG09626
315.6
315.9
0.3
7.71
TUG09628
316.8
317.1
0.3
0.54
TUG09629
317.1
317.4
0.3
2.57
TUG09631
317.4
317.7
0.3
1.00
TUG09633
318
318.3
0.3
1.42
TUG09634
318.3
318.6
0.3
3.11
TUG09635
318.6
318.9
0.3
5.42
TUG09636
318.9
319.2
0.3
4.25
TUG09637
319.2
319.5
0.3
7.68
TUG09638
319.5
319.8
0.3
5.78
TUG09639
319.8
320.1
0.3
0.85
TUG09641
320.4
320.7
0.3
3.19
TUG09642
320.7
321
0.3
3.49
TUG09643
321
321.3
0.3
7.93
TUG09644
321.3
321.6
0.3
2.40
TUG09645
321.6
321.9
0.3
2.04
TUG09646
321.9
322.2
0.3
7.42
TUG09647
322.2
322.5
0.3
18.75
TUG09648
322.5
322.8
0.3
12.75
TUG09650
322.8
323.1
0.3
12.55
TUG09651
323.1
323.4
0.3
15.64
TUG09652
323.4
323.7
0.3
19.67
TUG09653
323.7
324
0.3
13.55
TUG09654
324
324.3
0.3
15.18
TUG09655
324.3
324.6
0.3
11.27
TUG09656
324.6
324.9
0.3
14.62
TUG09657
324.9
325.2
0.3
71.01
TUG09658
325.2
325.5
0.3
5.61
TUG09659
325.5
326.4
0.9
0.60
TUG09660
326.4
326.7
0.3
3.97
TUG09661
326.7
327
0.3
4.93
TUG09662
327
327.3
0.3
11.64
TUG09663
327.3
327.6
0.3
15.86
TUG09667
328.5
329.4
0.9
0.98
TUG09668
329.4
329.7
0.3
2.77
TUG09669
329.7
330
0.3
2.58
TUG09670
330
330.3
0.3
6.51
TUG09671
330.3
330.6
0.3
4.28
TUG09672
330.6
330.9
0.3
6.21
TUG09694
345.3
345.6
0.3
0.60
TUG09695
345.6
345.9
0.3
4.62
TUG09696
345.9
346.2
0.3
4.07
TUG09697
346.2
346.5
0.3
1.76
TUG09699
346.8
347.1
0.3
2.13
TUG09703
348.3
348.6
0.3
33.25
TUG09704
348.6
348.9
0.3
3.52
TUG09703
348.3
348.6
0.3
33.25
TUG09707
350.1
350.4
0.3
12.62
TUG09710
351.3
351.6
0.3
3.20
TUG09711
351.6
351.9
0.3
0.51
TUG09733
366.3
366.6
0.3
1.26
TUG09734
366.6
366.9
0.3
2.37
TUG09736
367.5
367.8
0.3
0.80
TUG09737
367.8
368.1
0.3
11.02
TUG09738
368.1
368.4
0.3
7.96
TUG09739
368.4
368.7
0.3
3.68
TUG09740
368.7
369
0.3
6.95
TUG09741
369
369.3
0.3
1.82
TUG09742
369.3
369.6
0.3
1.29
TUG09744
369.9
370.2
0.3
4.11
TUG09745
370.2
370.5
0.3
3.89
TUG09746
370.5
370.8
0.3
4.54
TUG09759
380.7
381
0.3
2.63
TUG09760
381
381.6
0.6
23.15
TUG09761
381.6
381.9
0.3
20.60
TUG09762
381.9
382.2
0.3
6.13
TUG09763
382.2
382.5
0.3
3.37
TUG09764
382.5
382.8
0.3
0.64
TUG09777
391.8
392.1
0.3
1.08
TUG09778
392.1
392.4
0.3
1.08
TUG09779
392.4
392.7
0.3
0.89
TUG09781
392.7
393
0.3
0.55
TUG09783
393.6
393.9
0.3
0.65
TUG09784
393.9
394.2
0.3
0.54
TUG09785
394.2
394.5
0.3
2.90
TUG09786
394.5
394.8
0.3
2.34
TUG09787
394.8
395.1
0.3
3.74
TUG09788
395.1
395.4
0.3
2.82
TUG09789
395.4
395.7
0.3
1.98
TUG09790
395.7
396
0.3
1.55
TUG09792
396.3
396.6
0.3
2.25
TUG09794
396.9
397.2
0.3
0.44
TUG09795
397.2
397.5
0.3
1.78
TUG09796
397.5
397.8
0.3
3.20
TUG09797
397.8
398.1
0.3
1.27
TUG09798
398.1
398.4
0.3
15.27
TUG09799
398.4
398.7
0.3
2.96
TUG09801
398.7
399
0.3
5.34
TUG09802
399
399.3
0.3
2.38
TUG09803
399.3
399.6
0.3
2.93
TUG09804
399.6
400.5
0.9
4.00
TUG09805
400.5
400.8
0.3
0.68
TUG09806
400.8
401.1
0.3
2.41
TUG09807
401.1
401.4
0.3
2.06
TUG09808
401.4
401.7
0.3
1.61
TUG09809
401.7
402
0.3
1.67
TUG09811
402.3
402.6
0.3
1.46
TUG09812
402.6
402.9
0.3
0.91
TUG09814
403.2
403.5
0.3
3.71
TUG09817
403.8
404.1
0.3
0.77
TUG09819
405
405.3
0.3
1.56
TUG09811
402.3
402.6
0.3
1.40
TUG09812
402.6
402.9
0.3
0.95
TUG09814
403.2
403.5
0.3
3.57
TUG09817
403.8
404.1
0.3
0.83
TUG09819
405
405.3
0.3
1.61
TUG09824
406.8
407.1
0.3
2.78
TUG09827
408
408.3
0.3
1.21
TUG09828
408.3
408.6
0.3
0.72
TUG09829
408.6
409.2
0.6
1.14
TUG09831
409.2
409.5
0.3
3.27
TUG09832
409.5
409.8
0.3
0.90
TUG09836
410.7
411
0.3
1.86
TUG09837
411
411.3
0.3
2.11
TUG09838
411.3
411.6
0.3
3.40
TUG09839
411.6
411.9
0.3
0.70
TUG09842
412.8
413.1
0.3
0.93
TUG09843
413.1
413.4
0.3
0.76
TUG09848
416.1
417
0.9
0.63
TUG10354
418.8
419.1
0.3
0.82
TUG10355
419.1
419.4
0.3
0.65
TUG10360
420.6
420.9
0.3
0.75
TUG10361
420.9
421.2
0.3
1.05
TUG10362
421.2
421.5
0.3
1.59
TUG10363
421.5
421.8
0.3
1.23
TUG10367
422.7
423
0.3
0.68
TUG10368
423
423.3
0.3
0.72
TUG10373
425.1
425.4
0.3
2.48
TUG10374
425.4
425.7
0.3
2.83
TUG10375
425.7
426
0.3
3.52
TUG10376
426
426.3
0.3
3.77
TUG10377
426.3
426.6
0.3
8.47
TUG10378
426.6
426.9
0.3
1.64
TUG10379
426.9
427.2
0.3
1.53
TUG10381
427.2
427.8
0.6
4.11
TUG10382
427.8
428.1
0.3
1.65
TUG10383
428.1
429
0.9
0.86
TUG10387
429.9
430.2
0.3
0.72
TUG10393
433.2
433.5
0.3
2.04
TUG10394
433.5
433.8
0.3
0.85
TUG10395
433.8
434.1
0.3
0.76
TUG10408
440.4
440.7
0.3
2.36
TUG10413
443.1
443.4
0.3
1.02
TUG10414
443.4
443.7
0.3
6.82
TUG10417
444.9
445.2
0.3
17.94
TUG10418
445.2
445.5
0.3
5.83
TUG10423
447
447.3
0.3
1.16
TUG10425
448.2
448.5
0.3
4.54
TUG10426
448.5
448.8
0.3
0.76
TUG10428
450
450.3
0.3
4.94
TUG10429
450.3
450.6
0.3
1.53
TUG10431
450.6
450.9
0.3
0.97
TUG10432
450.9
451.2
0.3
138.15
TUG10434
451.5
451.8
0.3
0.76
TUG10435
451.8
452.1
0.3
1.25
TUG10436
452.1
452.4
0.3
1.35
TUG10438
452.7
453
0.3
1.65
TUG10439
453
453.3
0.3
4.70
TUG10440
453.3
453.6
0.3
2.57
TUG10441
453.6
453.9
0.3
4.99
TUG10444
454.8
455.1
0.3
14.02
TUG10445
455.1
455.4
0.3
2.07
TUG10446
455.4
455.7
0.3
1.09
TUG10447
455.7
456
0.3
1.28
TUG10448
456
456.3
0.3
2.55
TUG10453
459
460.2
1.2
1.14
TUG10454
460.2
460.8
0.6
1.00
TUG10455
460.8
462
1.2
1.74
TUG10456
462
462.3
0.3
1.28
TUG10457
462.3
462.6
0.3
24.98
TUG10458
462.6
462.9
0.3
87.13
TUG10459
462.9
463.8
0.9
11.34
TUG10461
464.4
465
0.6
0.67
TUG10463
465.9
466.2
0.3
0.91
TUG10464
466.2
466.5
0.3
1.36
TUG10466
466.5
466.8
0.3
1.27
TUG10467
466.8
467.1
0.3
1.28
TUG10468
467.1
467.4
0.3
3.79
TUG10469
467.4
467.7
0.3
20.93
TUG10470
467.7
468
0.3
20.64
TUG10471
468
468.3
0.3
19.40
TUG10473
468.6
468.9
0.3
3.46
TUG10474
468.9
469.2
0.3
2.78
TUG10475
469.2
469.5
0.3
2.10
TUG10482
471.3
471.6
0.3
0.81
TUG10483
471.6
471.9
0.3
1.03
TUG10484
471.9
472.2
0.3
6.72
TUG10485
472.2
472.5
0.3
0.88
TUG10486
472.5
472.8
0.3
1.45
TUG10487
472.8
473.1
0.3
9.05
TUG10488
473.1
473.4
0.3
1.35
TUG10490
473.7
474
0.3
0.48
TUG10492
474.3
474.6
0.3
0.78
TUG10493
474.6
474.9
0.3
1.37
TUG10494
474.9
475.2
0.3
1.43
TUG10496
475.5
475.8
0.3
1.67
TUG10497
475.8
477
1.2
1.80
TUG10498
477
477.6
0.6
2.64
TUG10500
477.6
477.9
0.3
93.49
TUG10501
477.9
478.2
0.3
1.01
TUG10502
478.2
478.5
0.3
34.17
TUG10503
478.5
478.8
0.3
94.57
TUG10504
478.8
479.1
0.3
35.04
TUG10505
479.1
479.4
0.3
396.16
TUG10506
479.4
479.7
0.3
25.06
TUG10507
479.7
480
0.3
7.09
TUG10508
480
480.3
0.3
4.06
TUG10509
480.3
480.6
0.3
31.63
TUG10510
480.6
480.9
0.3
5.3
TUG10511
480.9
481.2
0.3
114.95
TUG10512
481.2
481.5
0.3
1.90
TUG10513
481.5
481.8
0.3
0.83
TUG10514
481.8
482.1
0.3
9.99
TUG10516
482.1
482.4
0.3
0.71
TUG10517
482.4
482.7
0.3
6.64
TUG10518
482.7
483
0.3
6.05
TUG10519
483
483.3
0.3
6.64
TUG10520
483.3
483.6
0.3
2.47
TUG10521
483.6
483.9
0.3
0.93
TUG10522
483.9
484.2
0.3
5.15
TUG10523
484.2
484.5
0.3
10.90
TUG10524
484.5
484.8
0.3
14.76
TUG10525
484.8
485.1
0.3
20.24
TUG10526
485.1
485.4
0.3
21.93
TUG10527
485.4
485.7
0.3
20.79
TUG10528
485.7
486
0.3
32.89
TUG10529
486
486.3
0.3
16.13
TUG10531
486.3
486.6
0.3
2.55
TUG10532
486.6
486.9
0.3
13.04
TUG10533
486.9
487.2
0.3
5.42
TUG10534
487.2
487.5
0.3
3.95
TUG10535
487.5
487.8
0.3
4.89
TUG10536
487.8
488.1
0.3
4.24
TUG10537
488.1
488.4
0.3
4.41
TUG10538
488.4
488.7
0.3
5.21
TUG10539
488.7
489
0.3
1.80
TUG10540
489
489.3
0.3
16.42
TUG10541
489.3
489.6
0.3
7.17
TUG10542
489.6
489.9
0.3
6.47
TUG10543
489.9
490.2
0.3
4.07
TUG10544
490.2
490.5
0.3
4.75
TUG10545
490.5
490.8
0.3
4.86
TUG10546
490.8
491.1
0.3
7.13
TUG10547
491.1
491.4
0.3
11.64
TUG10548
491.4
491.7
0.3
35.68
TUG10549
491.7
492
0.3
22.53
TUG10551
492
492.3
0.3
10.72
TUG10552
492.3
492.6
0.3
25.23
TUG10553
492.6
492.9
0.3
16.77
TUG10554
492.9
493.2
0.3
20.86
TUG10555
493.2
493.5
0.3
23.61
TUG10556
493.5
493.8
0.3
5.85
TUG10557
493.8
494.1
0.3
6.41
TUG10558
494.1
494.4
0.3
4.25
TUG10559
494.4
494.7
0.3
36.13
TUG10560
494.7
495
0.3
19.66
TUG10561
495
495.3
0.3
72.65
TUG10562
495.3
495.6
0.3
241.21
TUG10563
495.6
495.9
0.3
31.77
TUG10564
495.9
496.2
0.3
51.52
TUG10566
496.2
496.5
0.3
25.17
TUG10567
496.5
496.8
0.3
100.35
TUG10568
496.8
497.1
0.3
12.86
TUG10569
497.1
497.4
0.3
4.68
TUG10570
497.4
497.7
0.3
33.81
TUG10571
497.7
498
0.3
37.11
TUG10572
498
498.3
0.3
20.74
TUG10573
498.3
498.6
0.3
26.29
TUG10574
498.6
498.9
0.3
103.54
TUG10575
498.9
499.2
0.3
340.07
TUG10576
499.2
499.5
0.3
269.25
TUG10577
499.5
499.8
0.3
600.42
TUG10578
499.8
500.1
0.3
73.02
TUG10579
500.1
500.4
0.3
13.41
TUG10581
500.4
500.7
0.3
1.85
TUG10582
500.7
501.3
0.6
13.32
TUG10583
501.3
501.6
0.3
26.54
TUG10584
501.6
501.9
0.3
9.04
TUG10585
501.9
502.2
0.3
4.79
TUG10586
502.2
502.5
0.3
3.93
TUG10587
502.5
502.8
0.3
126.85
TUG10588
502.8
503.1
0.3
361.90
TUG10589
503.1
503.4
0.3
1.95
TUG10590
503.4
503.7
0.3
3.27
TUG10591
503.7
504
0.3
32.78
TUG10592
504
504.3
0.3
23.63
TUG10596
505.2
505.5
0.3
8.07
TUG10598
505.8
506.1
0.3
18.51
TUG10599
506.1
506.4
0.3
53.78
TUG10602
506.7
507
0.3
7.50
TUG10604
507.3
507.6
0.3
234.39
TUG10605
507.6
507.9
0.3
2.22
TUG10606
507.9
508.8
0.9
0.58
TUG10612
510.3
510.6
0.3
3.37
TUG10613
510.6
510.9
0.3
1.32
TUG10614
510.9
511.2
0.3
5.53
TUG10616
511.2
511.5
0.3
24.91
TUG10617
511.5
511.8
0.3
64.47
TUG10618
511.8
512.1
0.3
72.56
TUG10619
512.1
512.4
0.3
13.35
TUG10620
512.4
512.7
0.3
2.08
TUG10621
512.7
513
0.3
1.59
TUG10622
513
513.3
0.3
0.74
TUG10623
513.3
513.6
0.3
0.94
TUG10624
513.6
513.9
0.3
0.53
TUG10625
513.9
514.2
0.3
1.17
TUG10626
514.2
514.5
0.3
23.17
TUG10627
514.5
514.8
0.3
0.85
TUG10628
514.8
515.1
0.3
2.39
TUG10629
515.1
515.4
0.3
1.03
TUG10631
515.4
515.7
0.3
0.83
TUG10632
515.7
516
0.3
1.74
TUG10633
516
516.3
0.3
3.50
TUG10634
516.3
516.6
0.3
0.59
TUG10636
516.9
517.2
0.3
0.80
TUG10637
517.2
517.5
0.3
2.99
TUG10638
517.5
517.8
0.3
0.76
TUG10639
517.8
518.1
0.3
3.34
TUG10640
518.1
518.4
0.3
8.94
TUG10641
518.4
518.7
0.3
12.80
TUG10642
518.7
519
0.3
105.58
TUG10643
519
519.3
0.3
34.42
TUG10644
519.3
519.6
0.3
0.55
TUG10645
519.6
519.9
0.3
0.80
TUG10656
522.6
522.9
0.3
0.59
TUG10657
522.9
523.2
0.3
0.88
TUG10658
523.2
523.5
0.3
0.76
TUG10659
523.5
523.8
0.3
1.09
TUG10660
523.8
524.1
0.3
0.61
TUG10661
524.1
524.4
0.3
2.11
TUG10664
525
525.3
0.3
5.56
TUG10666
525.3
525.6
0.3
7.50
TUG10667
525.6
525.9
0.3
0.87
TUG10668
525.9
526.2
0.3
0.78
TUG10693
543.9
544.2
0.3
0.63
TUG10695
544.5
544.8
0.3
0.75
TUG10696
544.8
545.1
0.3
0.59
TUG10699
545.7
546
0.3
0.81
TUG10701
546
546.3
0.3
0.63
TUG10702
546.3
546.6
0.3
0.59
TUG10706
547.5
547.8
0.3
0.52
TUG10719
554.1
554.4
0.3
0.84
Table 2: Survey details of diamond drill holes referenced in this release
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
(TN)
TUG-135
3920759
1876459
139.2
689.4
-64
149
TUG-136
3920759
1876459
139.2
617.4
-58
151
TUG-138
3920759
1876459
139.2
746.4
-64
163
TUG-141
3920759
1876459
139.2
633.0 *
-55°
162°
* Current depth, hole is still drilling
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analysed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analysed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. For samples with multiple fire assay runs, the average of duplicate runs is presented. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analysed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – May 31, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce results from ongoing infill drilling at its Tuvatu Alkaline Gold Project in Fiji.
Results for the first 11 holes of Lion One’s Phase 2 infill program on Zone 5 of their fully permitted Tuvatu alkaline gold deposit are here reported. The results to date indicate significant new intercepts of high- to bonanza-grade Au mineralization that was not known to occur as part of the existing resource model. The Phase 2 infill drill program was designed to confirm the location, size, and continuity of the known mineralized lodes, in a portion of the orebody slated for early production (Figure 1A).
Top Intercepts include:
18.47 g/t Au over 1.20m from 104.7-105.9m, and 584.07 g/t Au over 0.30m from 122.4-122.7m from TUDDH-586 (new)
24.72 g/t Au over 0.60m from 187.4-188.0m, incl. 43.34 g/t Au over 0.30m from 187.7-188.0m from TUDDH-580 (new)
25.23 g/t Au over 1.20m from 70.9-72.1m, incl. 78.02 g/t Au over 0.30m from TUG-139
18.77 g/t Au over 2.10m from 118.8-120.9m, incl. 26.07 g/t Au over 1.50m from TUDDH-577
11.95 g/t Au over 2.70m from 55.9-58.6m, incl. 35.91 g/t Au over 0.60m from TUDDH-578
11.18 g/t Au over 1.20m from 153.5-154.7m, incl. 40.05 g/t Au over 0.30m from TUDDH-580
The mineralization reported here is considered to be a highly significant development, representing a substantive addition of Au mineralization at grades well in excess of the average resource grade, intersected at relatively shallow levels in the orebody. As a result, the new high-grade mineralization defined by the ongoing infill drill program can be expected to substantially enhance the early part the production stream and hence the immediate economic viability of Tuvatu.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522wiki_topics%2522%253A%2522Lion%253BExploration_diamond_drilling%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%252290214f74-cd87-30c8-9d72-a6dbadcf0260%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Results of the ongoing infill drill program to date are summarized below in Table 1. Highlighted in blue on Table 1 are specific drill intercepts that are outside of the mineralized lodes that make up the existing resource model. Each of these additional intercepts has the potential to add width, grade, and continuity to the resource in this portion of the Tuvatu orebody.
Lion One CEO Walter Berukoff, stated “We are confident that the high-grade intercepts indicated by our infill programs and the increased drilling density will lead to a more robust resource model overall with higher localized grades earlier in the production schedule at Tuvatu. Furthermore, when considering the substantially higher grade near-surface infill results reported here, along with the continuing success of the deep drilling program, this underscores the significance of Tuvatu as a potentially multi-million ounce, world-class high-grade Au producer. As we expand our drilling fleet to eight rigs and our laboratory capacity to 12,000 samples per month, we are well positioned to continue securing impressive results from all three tiers of our exploration strategy: from ongoing near-surface infill drilling; from extensions of deep high-grade feeder targets at Tuvatu; and from our pipeline of regional targets in the surrounding Navilawa caldera”.
Since the start of Phase 2 infill drill program in February 2022, Lion One has to date completed approximately 3,700m out of a planned 8,000m of infill drilling. This news release reports the results from approximately 2,375m of drilling, equivalent to approximately 30% of the planned program.
Infill Drilling Program
Two phases of infill drilling have been planned at Tuvatu with the aim of infilling areas within the current resource and thus augmenting the data density, to further improve the resolution of the geological model in portions of the deposit scheduled for earliest production. Phase 1 infill drilling was completed over Zone 2 (Figure 1A) in mid-February 2022, adding over 8,400m of new drill data, including 7,475m of new drilling and 955m of sampling of previously unsampled historic drill core (see Feb. 23, 2022 News Release).
This release presents final assay data from the initial 11 drill holes completed as part of the Phase 2 infill program, which is planned for approximately 8000m of diamond drilling from surface and underground, and is aimed at upgrading the resource database in Zone 5 of the Tuvatu orebody (Figure 1). The program as planned includes 30 holes totalling 5,400m carried out from 4 separate drill stations at surface, and 34 holes totalling 2,600m carried out from 6 underground drill stations. Phase 2 infill drill program began February 17, 2022 with drill hole TUDDH-577, and is expected to require 5-6 months of drilling using three rigs (two from surface and one from underground) to complete.
The results from the initial approximately 2,375m of drilling in Zone 5 (Figure 2), representing approximately 30% of the planned program total, indicate consistent high-grade to locally bonanza-grade Au mineralization for known mineralized lodes in this portion of the current resource (Table 1). Additionally, the results from the initial 30% of the Phase 2 infill program indicates significant new high-grade mineralization not previously known to occur prior to this program, and therefore not included in the current resource statement.
Overall, results to date suggest higher-than-expected continuity and widths of mineralization, locally at grades above the calculated average grade of the deposit. Indeed, the Phase 2 infill program is confirming, and in certain instances, extending previously modelled lodes in this part of the resource. Intercepts of exceptionally high-grades (e.g. 584.07 g/t Au in TUDDH-586) are in line with bonanza results documented from several intercepts from the previously completed Phase 1 infill drill program, providing further support to the expectation of an overall increase in average grades of the lodes scheduled for earliest phases of mining.
Numerous mineralized intervals, including the 584.07 g/t Au bonanza-grade intercept in hole TUDDH-586 as well as 43.34 g/t Au over 0.30m from 187.7-188.0m in hole TUDDH-580, occur fully outside of existing modelled lodes (Table 1, highlighted), adding to our understanding of the lode geometry, as well as to the overall inventory of high-grade mineralization slated for early production at Tuvatu.
As per the Phase 1 infill program, numerous strategically located historic holes have also been identified for resampling, the results of which will be reported in future news releases.
Figure 1: A) Oblique view looking N060° and down 17° showing the current conceptual mine plan ore panels (gold) highlighting the location of Zone 2 and Zone 5, the exploration decline (yellow) and the planned Zone 5 infill drilling program (blue). The planned drilling consists of 4 surface and 6 underground drill stations. B) Oblique view looking N060° and down 40° showing the UR1 to UR5, URW1A, URW1C, and URW3 lodes (transparent gray), exploration decline (yellow) and the planned Zone 5 infill drilling program (blue).
Figure 2: Composite vertical section looking N through Zone 5 at Tuvatu, showing the UR1 to UR5, URW1A, URW2A, and URW3 lodes (blue labels) and the trace of the infill drilling reported in this release (yellow traces). Solid lines are in the section, dotted lines are projected to this section.
Table 1: Drilling intervals returning >0.5 g/t Au (intervals > 3.0 g/t Au cutoff are shown in red, and intervals >9.0 g/t Au or longer than 1.2m are bolded). Intercepts that are outside of the current geological model are highlighted in light blue.
Hole ID
From (m)
To (m)
Interval (m)
Grade (g/t Au)
TUDDH-577
7.2
8.1
0.9
1.25
59.1
60.3
1.2
1.13
100.8
101.4
0.6
0.86
118.8
120.9
2.1
18.77
including
118.8
120.3
1.5
26.07
127.5
127.8
0.3
16.30
135.6
136.2
0.6
1.09
138.6
138.9
0.3
24.66
182.2
182.8
0.6
0.65
TUDDH-578
45.4
45.7
0.3
0.72
55.9
58.6
2.7
11.95
including
55.9
56.5
0.6
35.91
and
58.0
58.3
0.3
22.39
64.3
65.2
0.9
0.58
82.3
82.9
0.6
0.77
100.6
101.5
0.9
1.39
TUDDH-579
22.0
22.3
0.3
0.73
126.1
126.4
0.3
2.43
129.7
131.8
2.1
0.94
135.1
135.4
0.3
13.56
140.5
142.3
1.8
2.88
including
140.5
140.8
0.3
11.62
and
142.0
142.3
0.3
5.2
161.2
163.6
2.4
1.78
TUDDH-580
8.0
9.2
1.2
4.53
46.7
47.3
0.6
1.67
81.8
82.4
0.6
0.78
83.6
85.1
1.5
1.48
153.5
154.7
1.2
11.18
including
153.5
153.8
0.3
40.05
157.7
158.6
0.9
0.66
159.5
159.8
0.3
0.66
165.2
167.0
1.8
1.11
including
166.7
167.0
0.3
5.01
173.6
173.9
0.3
0.76
187.4
188.0
0.6
24.72
including
187.4
187.7
0.3
6.12
including
187.7
188.0
0.3
43.34
192.8
196.4
3.6
1.88
including
193.1
193.4
0.3
11.17
including
194.6
194.9
0.3
4.11
TUDDH-581
20.9
21.2
0.3
4.12
81.8
82.4
0.6
0.76
100.4
101.0
0.6
1.56
106.4
107.0
0.6
0.82
168.5
170.0
1.5
4.41
including
168.5
168.8
0.3
8.27
and
168.8
170.0
1.2
3.25
179.3
182.0
2.7
1.32
186.8
187.1
0.3
0.54
206.6
206.9
0.3
3.07
208.4
209.9
1.5
1.91
212.3
213.2
0.9
0.69
226.1
227.9
1.8
2.39
including
227.0
227.3
0.3
7.48
249.8
250.7
0.9
1.38
251.9
252.2
0.3
2.38
307.4
308.9
1.5
1.55
TUDDH-582
47.6
48.5
0.9
3.21
91.8
93.6
1.8
3.81
including
92.4
93.6
1.2
5.22
99.3
102.0
2.7
3.33
including
99.3
100.2
0.9
5.77
TUDDH-583
7.5
8.1
0.6
2.26
46.5
47.1
0.6
1.02
72.0
72.3
0.3
1.48
87.3
88.5
1.2
0.69
96.3
96.9
0.6
2.68
114.0
114.3
0.3
1.62
121.5
122.7
1.2
1.48
126.9
128.7
1.8
1.93
including
128.4
128.7
0.3
4.39
132.0
132.3
0.3
25.32
137.4
137.7
0.3
0.66
138.9
140.1
1.2
3.11
including
138.9
139.2
0.3
7.12
241.2
241.5
0.3
1.48
TUDDH-586
9.3
11.1
1.8
4.28
including
10.2
11.1
0.9
7.91
63.6
64.2
0.6
0.53
67.8
68.4
0.6
1.8
84.6
84.9
0.3
5.95
98.1
98.4
0.3
2.95
104.7
105.9
1.2
18.47
116.7
117.3
0.6
0.55
122.1
122.7
0.6
292.69
including
122.4
122.7
0.3
584.07
127.5
127.8
0.3
1.68
129.3
129.9
0.6
10.74
133.2
133.8
0.6
3.41
141.6
143.7
2.1
1.75
including
142.5
142.8
0.3
7.33
238.5
241.2
2.7
0.95
TUDDH-587
17.2
17.5
0.3
0.69
62.8
63.4
0.6
1.11
76.6
76.9
0.3
1.57
89.5
89.8
0.3
0.59
103.6
103.9
0.3
2.34
146.2
146.5
0.3
4.43
159.1
160.9
1.8
1.66
232.9
233.5
0.6
6.43
including
232.9
233.2
0.3
11.40
234.7
235.9
1.2
4.27
including
235
235.6
0.6
5.42
237.4
238.6
1.2
8.89
TUG-139
17.8
18.1
0.3
1.42
22.0
22.3
0.3
0.82
26.5
26.8
0.3
1.47
28.9
29.2
0.3
1.42
31.0
31.3
0.3
0.75
48.7
49.6
0.9
1.49
54.4
59.2
4.8
4.20
including
54.7
55.0
0.3
5.91
and
55.0
55.3
0.3
12.60
and
55.6
55.9
0.3
7.27
and
55.9
56.2
0.3
5.70
and
57.1
57.4
0.3
15.09
70.9
72.1
1.2
25.23
including
70.9
71.2
0.3
8.96
and
71.2
71.5
0.3
8.32
and
71.5
71.8
0.3
5.00
and
71.8
72.1
0.3
78.02
82.3
82.6
0.3
2.78
91.6
91.9
0.3
1.66
95.5
95.8
0.3
1.84
TUG-142
20.4
20.7
0.3
1.15
29.4
29.7
0.3
1.49
31.2
36.3
5.1
0.65
41.4
42
0.6
1.88
45.3
45.6
0.3
0.69
61.3
63.7
2.4
3.55
including
62.5
63.1
0.6
8.14
additional results pending
Table 2: Survey details of diamond drill holes referenced in this release
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
(TN)
TUDDH-577
3920435
1876442
314.0
197.9
-39
268
TUDDH-578
3920520
1876513
348.6
150.3
-59
267
TUDDH-579
3920435
1876513
348.6
239.0
-49
269
TUDDH-580
3920435
1876513
348.6
284.9
-60
265
TUDDH-581
3920435
1876513
348.6
311.6
-70
265
TUDDH-582
3920435
1876442
314.0
120.2
-49
267
TUDDH-583
3920435
1876513
348.6
303.2
-44
289
TUDDH-586
3920435
1876513
348.6
302.3
-55
289
TUDDH-587
3920435
1876513
348.6
256.8
-63
289
TUG-139
3920480
1876411
103.1
123.3
+13
091
TUG-142
3920480
1876411
103.1
85.8
-30
090
Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analysed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analysed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. For samples with multiple fire assay runs, the average of duplicate runs is presented. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analysed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
